Lake Street Private Wealth LLC Has $747,000 Stock Position in Shopify Inc. (NYSE:SHOP)

Lake Street Private Wealth LLC lifted its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 21.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,675 shares of the software maker’s stock after purchasing an additional 1,705 shares during the quarter. Lake Street Private Wealth LLC’s holdings in Shopify were worth $747,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Private Wealth Management Group LLC bought a new stake in Shopify in the 4th quarter valued at $26,000. SJS Investment Consulting Inc. raised its position in Shopify by 59.1% in the fourth quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock worth $27,000 after purchasing an additional 130 shares in the last quarter. DSM Capital Partners LLC bought a new position in Shopify during the fourth quarter worth about $28,000. Jones Financial Companies Lllp acquired a new stake in Shopify during the fourth quarter valued at approximately $28,000. Finally, Your Advocates Ltd. LLP grew its stake in shares of Shopify by 4,344.4% in the 4th quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after purchasing an additional 391 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Shopify Price Performance

Shares of NYSE:SHOP opened at $66.78 on Thursday. The company’s 50-day moving average price is $63.92 and its two-hundred day moving average price is $72.83. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.04. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.84 billion. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. Research analysts anticipate that Shopify Inc. will post 0.61 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently commented on SHOP. Moffett Nathanson downgraded Shopify from a “buy” rating to a “neutral” rating and cut their target price for the stock from $74.00 to $65.00 in a research report on Thursday, June 6th. Benchmark reissued a “hold” rating on shares of Shopify in a report on Tuesday, May 7th. JPMorgan Chase & Co. assumed coverage on shares of Shopify in a research report on Tuesday, June 11th. They set an “overweight” rating and a $74.00 target price for the company. Royal Bank of Canada dropped their price objective on shares of Shopify from $100.00 to $85.00 and set an “outperform” rating for the company in a report on Thursday, May 9th. Finally, Piper Sandler upgraded shares of Shopify from an “underweight” rating to a “neutral” rating and set a $63.00 price target on the stock in a research report on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $76.42.

Shopify Company Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.